E-Commerce A New Business Methodology

Nowadays, we always depend upon the internet, we always love to be online. At this moment online business is catching our eye. Everyone is busy with their laptop or smartphone or iPhone. So why don’t you try for online business?

Online has been playing an important role in selling and buying the services/products online. E – Commerce is a safe platform to build a business brand and develop your business across the world. Also, E –Commerce has helped millions or trillions of people to make money from their business. In short, E - Commerce is an online store for selling any service/product worldwide according to the current market trends. With this E – Commerce website, you can sell your products 24 * 7. In this new generation time, it is a favorable and beneficial choice to establish your business or start your business.

However, let us have a look at the advantages of E – Commerce.

1 . Attract More Customers Across the World by search engine visibility.

2 . The cost of inventory management is reduced.

3 . We can sell the products across the world.

4 . Stay open 24/7.

5 . Can increase the brand awareness ( world – wide ).

6 . Analyze easily.

7 . Expand the market for niche products.

8 . Scalability, Convenience, and easiness.

Which platform should we use to implement our business as an online store? If you don’t have any idea about E - commerce platforms we will give you suggestions based on your business requirements.

However, we would like to share some ideas about Odoo E – Commerce.

Odoo E – Commerce is the E – Commerce solution which is inbuilt with Odoo . The important advantage it offers is that it is Open Source and comes with a built - in ERP System.

FEATURES OF ODOO E – COMMERCE

1 . Design And Configure:

a . Inline Editing -

By using Odoo’ s inline editing feature we can create product pages.No code is needed, What you see is exactly what you get.

b . Building blocks system -

Here we can create our product page from the base. Building blocks are fully customizable and Option for Drag & Drop is also available. We can describe the maximum specifications of product in a tabular form.

c . Sell digital products -

You can now add any digital products to your online catalog.

d . Word processor text editing -

Here we can efficiently and effortlessly create and update your text content through an editor.

e . Product variants creation –

Here we can create a product available in different variants, for example, size, designs, colors or other peculiarities.

f . Price-lists, products, and stores -

Here we can create different and flexible price – lists, add variants to add to products options, Here we can create multiple stores under one environment And we can display all the available stocks of products.

2 . Integrated Tools:

a . Cross selling and up selling -

Suggest optional products related to items to increase your revenues.

b . Promotional or coupon codes -

Encourage potential customers using promo codes and coupons.

c . Options to boost sales -

Define different product categories, use attribute search, focus on promotions, coupons or gift certificates and arrange the best products to the top of your page in order to catch the attention of clients and in this way multiply your sales.

3 . Shopping Experience:

a . Easy search system -

Searching and finding a product is easier by setting different attributes on products, for example, color, size etc.

b . Customer onboarding -

Set up step by step instructions to help customers go to check out with no blocking issues.

c . Guest &amp; Registered user -

Customers can choose to create a user profile or as guests. Registered users can recover their contact information upon check out and access a portal including related messages, orders, invoices, registered claims, etc.

d . Skip shipping address -

Shipping address no more required when providing only services.

e . Live chat embedded -

Provide your visitors with information in real time directly on your website, and secure your sales.

f . Easy checkout process -

Simple checkout to avoid losing clients.

g . Customer portal -

With the help of this, we can easily track the orders, advanced shipping rules and return management through the customer portal.

Fiscal positions allow you to adapt tax rates to the whereabouts of your customers.

d . Chart of accounts -

Use the Custom package template to build your own chart of accounts. It embeds a set of generic preset accounts, taxes and more.

6 . Reporting :

a . Sales data analytics -

Highlight the best product in terms of quantity sold. Find the best customer in terms of revenue. Display a graph with your monthly sales per product and add it to your Dashboard. Group your Sales by Partner and display the products in the column header.

7 . Integrations :

a . Apps -

Odoo Website, Odoo CRM, Odoo Accounting, Odoo Manufacturing, Odoo Inventory and more are fully integrated with Odoo E - Commerce so you can manage your business with just one system.

All your data stock in one unique place, real time control of the inventory and accurate forecasts to manage procurement.

d . Shipping –

Speed up your shipment process and track your order from Odoo with DHL, UPS, USPS and FedEx shipping connectors.

Nowadays, ERP is considered as the backbone of E - Commerce. Do you want to know why? We will tell you the reasons !!!

In today ’ s world E - commerce business is considered as one of the fastest growing business trends. Because today everyone is always connected to the internet. Nobody has time to go shopping and purchase.

Everyone is love to buy and sell online and it is more time consuming too ... And many vendors or suppliers have started their E - Commerce store and begun to concentrate on developing the business as an E -commerce store because its upfront investment is less than that for a virtual store.

ERP system helps to develop a world class level business process and trends.

Now, I would like to share some ideas about the different ways to increase the Average Order Value of your E – Commerce store. There are a variety of methods are there, let us have a look at the details.

As a businessman, you want to boost your profit. There are different creative ways are there. Before, we go to the details, Let us have a look into the AVERAGE ORDER VALUE – AOV. Your business’s or shop ‘s average order value is the average amount of money each client ends up spending per business deal or transaction.

We can calculate our average order value by using the following formulae;

Average Order Value = ( Total revenue / number of orders ) .

Different ways to achieve the AOV – Average Order Value:

1 . First-time bundle of offers –

2 . Set free shipping charge –

3 . Minimum purchase discounts –

4 . Bulk volume discounts –

5 . Personalized recommendations –

a . Upsell –

b . Cross-sell –

6 . Use of scarcity –

a . Limited number offers –

b . Limited period offers –

7 . Package deal –

8 . Social proof –

1 . First-time bundle of offers –

Nowadays many startups are following this strategy. Here our client or customer get a discount on their first purchase. This helps us to attain the AOV – Average Order Value from the starting itself. As our customer gets more benefits from the first order, they will try to purchase maximum, to attain maximum benefits.

2 . Set free shipping charge –

An important method to boost our AOV – Average Order Value is offered free shipping charges. Consider setting a minimum level; customers who are purchasing above that minimum level are eligible for experiencing free shipping charge. Some research results disclose that some customers are willing to buy more items if they qualify for free shipping. Similarly, a lot of research to suggest that the lack of free shipping is the biggest reason for cart drop.

3 . Minimum purchase discounts –

Another method is giving discounts on a particular minimum level purchase. Or we can offer gift vouchers, coupons or even free gift when your clients or customers meets the minimum level purchase amount. For example giving 20 % discount on orders over $ 100 or free t – shirt or on all orders over $ 100, Free gift vouchers of $ 250 on orders above $ 1000.

4 . Bulk volume discounts –

Next important method to boost AOV – Average Order Value is given offers on Bulk volume purchase of the same product. But before you apply this you have to make sure that the right discount value that catches the customers and at the same time But before you get carried away, a word of caution. You have to determine the right discount value that attracts customers and at the same times doesn’t suppress your profit margins.

5 . Personalized recommendations –

Popped up or showing personalized product suggestions can be an effective way to increase the AOV – Average Order Value. A personalized product recommendation is not based on a guess or assumption; it is based on the analysis of the purchase or searching history of the user.

Upsell –

An upsell is to get the customer to spend more money – buy a more expensive model of the same type of product, or add features/warranties that relate to the product in question. For example, if a customer has searched for windows 7 core i3 processor we can recommend windows 8.1 core i7 processor with a picture. As early said, up selling is offering the same variant of the product but more expensive variants to the buyer. But do not try to apply up selling strategy to every transaction; just because you have a number of products. Never ever try to upsell your entire list of products to the customer who hasn't even made their first purchase.

Cross-sell –

A cross - sell is to get the customer to spend more money by adding more products from other categories (or related ) than the product being viewed or purchased. Purchasing a laptop? Would you need a USB? Perhaps laptop bag? Or purchasing a smartphone? Would you need a screen guard ? or perhaps a back cover? This is called cross selling.

6 . Use of scarcity –

Shortage or scarcity generate the time pressure and it results in an urgency. This urgency makes the customers buy more. Generally, we regularly go through the “ limited period offer ”. The same trick is used here.

Limited number offers –

Maybe you heard that When the supply of a product is short the demand for the same is high. This work well here. Deficiency creates the urgency.

Limited period offers –

Another best method is; apply limited time offers. You may hear that Monsoon offer, Summer special offer, Offer of the day, weekly offer etc. This is also helped to boost our AOV – Average Order Value.

7 . Package deal –

A package deal or a combo offer is an excellent way of selling two or more related products at a discounted price. It is convenient for the customer/client, a great way to move your slow moving products and most importantly increases your average order value.

8 . Social proof –

We humans never do believe anyone easy. So we have to start from the scratch. We have to build trust but how? The lack of trust can be substituted by other customers who have provided a review. Some successful sites have used testimonials from the reputed Partners or Customers to gain the trustworthiness of their sites, which is definitely a clever move. Actually, The best advertisement is done by satisfied customers.

At Cybrosys Technologies, we have Odoo E - Commerce experts having a great industry experience to help you with all your worries related to E – Commerce. Contact us if you are looking for E - commerce development company. We would love to hear from you.